Build or repair your credit.
No Third party needed.
Get off the credit merry-go-round
Building or repairing credit can seem like an endless circle. How can you establish credit and build your credit history if you can’t get approved for a loan? Our credit builder loans can help break that cycle.
Here’s how a credit builder loan works
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Step 1
Apply for a credit builder loan. When approved, the funds are deposited into your ATFCU savings account. A hold is placed on the cash so that it cannot be accidentally spent.
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Step 2
Make on-time loan payments for the entire length of your loan. ATFCU reports the timely payments each month to the three major credit bureaus.
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Step 3
When the loan term is complete, the loan amount plus the interest earned, is released to you.
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Step 4
Congratulations! The positive credit reports have increased your score, assuming that there’s been no other change in your financial profile.
Credit Builder Loan Options
Choose the amount and time period that works best for you.
- $500 for 12 months at 4.35% APR = $42.65 monthly payment
- $1,000 for 18 months at 4.35% APR = $57.49 monthly payment
Credit Builder Loan FAQs
Please bring at least your last 2 paycheck stubs or another form of income verification.
*Other documentation may be required upon review of the loan application.
We have several options available for submitting loan payments:
- In Person: you can see a teller to make a cash, check, or credit card cash advance payment
- By Mail: send a check or money order to:
Abilene Teachers FCU
PO Box 5706
Abilene, TX 79608 - By Phone: you can pay by credit card or check by phone by calling 325.677.2274. There is a $5 convenience fee.
- Online: by using your ATFCU online banking or mobile app you can
- Transfer funds from one of your ATFCU accounts to your loan
- Pay with a credit card ($4 convenience fee)
- Set up external loan payment with routing number and account number from another financial institution. There is no fee with this option and you can set up recurring payments.
If you find a discrepancy on your credit report, there is a great article on Credit Karma’s website with instructions on how to dispute the incorrect information.
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Begin building credit today
Disclosures
All loans subject to approval. Rates, terms & conditions are subject to change and may vary based on creditworthiness and qualifications.
APR = Annual Percentage Rate